The world-class standard for inventory record accuracy today stands at 99.5 percent – as a minimum. While only a relatively few organisations even can claim they are performing at or above this standard, the harsh reality is that most companies still are struggling with inaccurate inventory records.
From a financial perspective alone, it is imperative that inventory records be accurate and timely just to meet the mandates of Sarbanes-Oxley. The goal, however, not only is to improve inventory record accuracy but also to sustain it and to continuously improve upon it. To start the improvement process, this white paper will describe a six-step program that will enable the reader to achieve greater inventory record accuracy.
Direct benefits from more accurate inventory records include; improved manufacturing efficiency due to the reduction or elimination of material shortages causing delays; expediting throughout the supply chain; lower inventory carrying costs because of less obsolete, slow-moving, or excess inventory on hand, and the elimination of costly and often inefficient physical inventory activity.
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